How well did Bank of America navigate the jump in employee expenses that has stung rivals?
Bank of America, led by CEOhad enjoyed tailwinds in recent months as rising interest rates and a rebound in loan growth promised to boost the industry's profitability. But that narrative went off course after banks began disclosing the impact of wage inflation on results.to eliminate some fees and reduce overdraft charges to $10 from $35.
Shares of Bank of America have climbed 4% this year before Wednesday, underperforming the 8.6% gain of the KBW Bank Index. JPMorgan and Citigroup each reported the smallest earnings beats in the last seven quarters, and Goldman Sachs missed estimates for fourth quarter profit because of elevated expenses.
has been the sole bright spot so far in bank earnings after it gave targets for higher interest income and lower expenses.
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